In the Systems Analysis Phase, the First Step Is Requirements

question 89

True/False

In the systems analysis phase, the first step is requirements modeling, where business processes are investigated and what the new system must do to satisfy users is documented.

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Definitions:

Implicit Costs

The opportunity costs associated with a firm’s use of resources that it owns. These costs do not involve a direct money payment. Examples include wage income and interest forgone by the owner of a firm who also provides labor services and equity capital to the firm.

Total Cost

The complete amount of money required for the production of a specific quantity of goods or services, including both fixed and variable costs.

Average Total Cost

The total cost divided by the quantity produced, representing the per-unit cost of production.

Marginal Costs

The expense involved in the production of an additional unit of a product or service.